Question 1

Marketers might wish to sell their products to everyone, but it is not practical to do so.

Accepted Answer

A) True 
 B)False

Question 2

As owner of a retail franchise food store, Mary Gray purchases supplies based on specials advertised nationally throughout the franchise system. One Monday, she was surprised to find customers asking for specials she hadn't been informed of in advance. The franchise company failed to live up to the value-driven activity of

Accepted Answer

A)   sharing information across the organization.
B)   balancing customers' benefits and costs.
C)   evaluating strategic competitive partnerships.
D)   building relationships with customers.
E)   keeping prices below those charged by competitors.F) C) and D)
G) A) and D)

Question 3

During the market-oriented era,

Accepted Answer

A)   a good product would sell itself.
B)   the customer was king.
C)   marketing was more important than production.
D)   advertising and personal selling were emphasized to make the sale.
E)   firms focused on value.F) C) and D)
G) None of the above

Question 4

"Everything has a price, though it doesn't always have to be monetary." What else is included in a price?

Accepted Answer

Price can also inclu...

Question 5

A(n) __________ is the trade of things of value between the buyer and the seller so that each is better off as a result.

Accepted Answer

A)   exchange
B)   market segment
C)   promotional plan
D)   transactional orientation
E)   relational orientationF) A) and E)
G) C) and D)

Question 6

Value-driven firms constantly measure the __________ that customers perceive, compared to the prices of their offerings.

Accepted Answer

A)   information
B)   benefits
C)   relationships
D)   rebates
E)   merchandiseF) B) and E)
G) A) and B)

Question 7

Xavier is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products and

Accepted Answer

A)   a thorough knowledge of his brand messages.
B)   the ability to buy them.
C)   knowledge of competing products.
D)   the ability to negotiate discounts.
E)   are removed from traditional marketing alternatives.F) A) and C)
G) A) and B)

Question 8

Christie has just started with a travel agency, and she has been offering clients and prospective clients a range of packaged tours. She is concerned, because the commissions she is earning on her sales are lower than she had hoped. Her colleague Peter, who has been with the agency for several years, is having a great deal of success by working closely with the clients, seeking their ideas, and building customized tour packages for each one based on their suggestions. Peter's approach is based on

Accepted Answer

A)   transaction-oriented marketing.
B)   premium pricing.
C)   his seniority at the firm.
D)   special incentives from tour operators.
E)   value co-creation.F) B) and D)
G) C) and E)

Question 9

Marney bought a dress from a retail store. Which core aspect of marketing was Marney most directly participating in?

Accepted Answer

A)   Marketing helps create value.
B)   Marketing is about satisfying customer wants and needs.
C)   Marketing involves an exchange.
D)   Marketing can be performed by both individuals and organizations.
E)   Marketing occurs in many settings.F) A) and E)
G) None of the above

Question 10

Many inventors struggle with the question, "I made it; now how do I get rid of it?" They have made the error of considering marketing as

Accepted Answer

A)   an afterthought.
B)   an integral part of a business plan.
C)   an accounting function.
D)   a profit center.
E)   important only for new products.F) A) and C)
G) A) and E)

Question 11

In the past, manufacturers' representatives did not have up-to-minute data about the products they were selling. Today, manufacturers' representatives are often provided online access to inventory data for the companies they represent. These online inventory systems allow companies to become more value-driven by

Accepted Answer

A)   sharing information across the organization.
B)   balancing customers' benefits and costs.
C)   evaluating strategic competitive partnerships.
D)   building relationships with government regulators of marketing institutions.
E)   keeping prices below those charged by competitors.F) All of the above
G) B) and C)

Question 12

When a good or service is promoted, the purpose of the promotion is to inform, persuade, or remind customers.

Accepted Answer

A) True 
 B)False

Question 13

Janine was tired of her winter coat, so she sold it to her friend, Marissa. This is an example of ________ marketing.

Accepted Answer

A)   B2B
B)   B2C
C)   C2B
D)   C2C
E)   BBCF) All of the above
G) C) and D)

Question 14

At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which era is being described?

Accepted Answer

A)   market-oriented
B)   sales-oriented
C)   production-oriented
D)   value-based marketing
E)   economics-orientedF) C) and D)
G) A) and B)

Question 15

Marketing involves all of the following EXCEPT

Accepted Answer

A)   conducting exchanges.
B)   satisfying customer needs and wants.
C)   creating value.
D)   efforts by individuals and organizations.
E)   production scheduling.F) A) and C)
G) A) and B)

Question 16

Which element of the marketing mix is most relevant to the activity "capturing value"?

Accepted Answer

A)   promotion
B)   purchasing
C)   product
D)   price
E)   placeF) A) and D)
G) A) and C)

Question 17

Which element of the marketing mix is most relevant to the activity "delivering value"?

Accepted Answer

A)   promotion
B)   purchasing
C)   product
D)   price
E)   placeF) B) and C)
G) A) and B)

Question 18

Marketing channel management is also known as

Accepted Answer

A)   endless chain marketing.
B)   a transactional orientation.
C)   wholesaling.
D)   product design.
E)   supply chain management.F) B) and E)
G) None of the above

Question 19

By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to

Accepted Answer

A)   influence social norms regarding sexuality.
B)   encourage consumers to participate in product redesign.
C)   stimulate supply chain management cooperation.
D)   increase the perceived value of its products.
E)   demonstrate social responsibility.F) B) and D)
G) C) and D)

Question 20

The importance of supply chain management is often overlooked in the study of marketing because

Accepted Answer

A)   marketing has no responsibility for supply chain management.
B)   supply chain management doesn't add much value for customers.
C)   companies do not want customers to know anything about the supply chain.
D)   many of the activities take place behind the scenes.
E)   supply chain management is already transparent.F) C) and D)
G) B) and D)

Exam 1: Overview of Marketing

During the market-oriented era,

Correct Answer
verified

At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which era is being described?

Correct Answer
verified

Marketing channel management is also known as

Correct Answer
verified

"Everything has a price, though it doesn't always have to be monetary." What else is included in a price?

Correct Answer
verified
Price can also inclu...
View Answer

Marney bought a dress from a retail store. Which core aspect of marketing was Marney most directly participating in?

Correct Answer
verified

Correct Answer
verified

The importance of supply chain management is often overlooked in the study of marketing because

Correct Answer
verified

Which element of the marketing mix is most relevant to the activity "capturing value"?

Correct Answer
verified

A(n) __________ is the trade of things of value between the buyer and the seller so that each is better off as a result.

Correct Answer
verified

Janine was tired of her winter coat, so she sold it to her friend, Marissa. This is an example of ________ marketing.

Correct Answer
verified

Marketing involves all of the following EXCEPT

Correct Answer
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Correct Answer
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Correct Answer
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Value-driven firms constantly measure the __________ that customers perceive, compared to the prices of their offerings.

Correct Answer
verified

When a good or service is promoted, the purpose of the promotion is to inform, persuade, or remind customers.

Correct Answer
verified

Xavier is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products and

Correct Answer
verified

Marketers might wish to sell their products to everyone, but it is not practical to do so.

Correct Answer
verified

Which element of the marketing mix is most relevant to the activity "delivering value"?

Correct Answer
verified

Many inventors struggle with the question, "I made it; now how do I get rid of it?" They have made the error of considering marketing as

Correct Answer
verified

By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to

Correct Answer
verified

Exam 1: Overview of Marketing

During the market-oriented era,

Correct AnswerverifiedShow Answer

At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which era is being described?

Correct AnswerverifiedShow Answer

Marketing channel management is also known as

Correct AnswerverifiedShow Answer

"Everything has a price, though it doesn't always have to be monetary." What else is included in a price?

Correct AnswerverifiedPrice can also inclu...View AnswerShow Answer

Marney bought a dress from a retail store. Which core aspect of marketing was Marney most directly participating in?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The importance of supply chain management is often overlooked in the study of marketing because

Correct AnswerverifiedShow Answer

Which element of the marketing mix is most relevant to the activity "capturing value"?

Correct AnswerverifiedShow Answer

A(n) __________ is the trade of things of value between the buyer and the seller so that each is better off as a result.

Correct AnswerverifiedShow Answer

Janine was tired of her winter coat, so she sold it to her friend, Marissa. This is an example of ________ marketing.

Correct AnswerverifiedShow Answer

Marketing involves all of the following EXCEPT

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Value-driven firms constantly measure the __________ that customers perceive, compared to the prices of their offerings.

Correct AnswerverifiedShow Answer

When a good or service is promoted, the purpose of the promotion is to inform, persuade, or remind customers.

Correct AnswerverifiedShow Answer

Xavier is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products and

Correct AnswerverifiedShow Answer

Marketers might wish to sell their products to everyone, but it is not practical to do so.

Correct AnswerverifiedShow Answer

Which element of the marketing mix is most relevant to the activity "delivering value"?

Correct AnswerverifiedShow Answer

Many inventors struggle with the question, "I made it; now how do I get rid of it?" They have made the error of considering marketing as

Correct AnswerverifiedShow Answer

By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified
Price can also inclu...
View Answer

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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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